Voss Capital updates PAR Technology 12% stake

Voss Capital and related funds filed Amendment No. 2 to their Schedule 13D on PAR Technology Corp, updating their ownership disclosure.

Rhea-AI Filing Summary

Voss Capital and related funds filed Amendment No. 2 to their Schedule 13D on PAR Technology Corp, updating their ownership disclosure. The group, including Voss Value Master Fund, Voss Value-Oriented Special Situations Fund, Voss Managed Accounts and Travis W. Cocke, reports beneficial ownership of 5,176,500 PAR common shares, or approximately 12.05% of the class. The filing explains that the reduction in their beneficial ownership percentage results from the expiration of previously held options and an increase in PAR’s shares outstanding, rather than new share sales. The reporting persons state there have been no transactions in PAR securities since their prior filing.

Key Figures

Voss Capital beneficial ownership: 5,176,500 shares (12.05%) Voss Value Master Fund holdings: 845,000 shares Voss Special Situations Fund holdings: 145,000 shares +5 more

8 metrics

Voss Capital beneficial ownership 5,176,500 shares (12.05%) PAR Technology common stock as of latest amendment

Voss Value Master Fund holdings 845,000 shares PAR Technology common stock beneficially owned

Voss Special Situations Fund holdings 145,000 shares PAR Technology common stock beneficially owned

Managed Accounts share holdings 4,186,500 shares PAR Technology shares in Voss Managed Accounts

Call options exposure 46,400 shares; $162,400 cost Call options in Managed Accounts, including commissions

Master Fund purchase cost $34,451,477 Aggregate purchase price for 845,000 PAR shares

Special Situations Fund purchase cost $5,839,736 Aggregate purchase price for 145,000 PAR shares

Shares outstanding baseline 41,152,632 shares PAR shares outstanding as of February 24, 2026

Key Terms

Schedule 13D, beneficial owner, working capital, margin loans, +2 more

6 terms

Schedule 13D regulatory

"The following constitutes Amendment No. 2 to the filed by the undersigned"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficial owner financial

"Voss Value Master Fund beneficially owned 845,000 Shares. Percentage: Approximately 1.97%"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

working capital financial

"The Shares purchased ... were purchased with working capital (which may, at any given time, include margin loans)"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

margin loans financial

"working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business)"

Margin loans are loans from a brokerage that let an investor borrow money using their existing stocks, bonds or cash as collateral to buy more securities. They matter because borrowing magnifies both gains and losses—like using a lever to move a heavier load—so small market moves can have outsized effects on your returns; investors also pay interest and risk a margin call, where the broker may force sales if collateral falls below required levels.

call options financial

"The aggregate purchase price of the call options exercisable into 46,400 Shares which are held in the Voss Managed Accounts"

A call option is a contract that gives its buyer the right, but not the obligation, to buy a specific number of shares at a predetermined price within a set time. Think of it like a refundable reservation to purchase a stock later at today’s agreed price: investors use calls to profit from expected price rises with smaller upfront cost than buying the stock outright, or to hedge and manage exposure, while the most they can lose is the amount paid for the contract.

managed accounts financial

"As of the date hereof, 4,186,500 Shares were held in the Voss Managed Accounts"

Managed accounts are collections of investments owned by an individual or institution but run day-to-day by a professional who buys, sells and allocates assets according to an agreed plan. They matter to investors because they provide tailored oversight, active risk control and potential tax efficiency—like hiring a personal chef to manage your diet—while fees and the manager’s skill directly affect returns.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What ownership stake in PAR (PAR) does Voss Capital now report?

Voss Capital and related entities report beneficial ownership of 5,176,500 PAR Technology common shares, representing approximately 12.05% of the outstanding class. This reflects shares held across funds and managed accounts associated with Voss Capital and Travis W. Cocke.

Did Voss Capital sell PAR (PAR) shares in this Schedule 13D/A update?

The filing states there have been no transactions in PAR securities by the reporting persons since the prior filing. The lower beneficial ownership percentage arises from option expirations and an increase in PAR’s outstanding shares, not from share sales.

How many PAR (PAR) shares are held by the main Voss funds?

Voss Value Master Fund holds 845,000 PAR shares, while Voss Value-Oriented Special Situations Fund holds 145,000 shares. Together these funds account for 990,000 shares, with additional shares held in Voss Managed Accounts and attributed to related entities.

What PAR (PAR) holdings are in Voss Managed Accounts?

The filing notes that 4,186,500 PAR shares are held in Voss Managed Accounts. These accounts also hold call options exercisable into 46,400 shares, purchased for about $162,400 including commissions, contributing to Voss Capital’s reported beneficial ownership.

How did Voss Capital finance its PAR (PAR) share purchases?

The PAR shares were bought using working capital of Voss Value Master Fund, Voss Value-Oriented Special Situations Fund, and Voss Managed Accounts. Working capital may include margin loans from brokerage firms obtained in the ordinary course of business for open-market transactions.

What share count did Voss use to calculate its PAR (PAR) ownership percentage?

The reported percentages are based on 41,152,632 PAR shares outstanding as of February 24, 2026, as disclosed in PAR’s Form 10-K, plus 1,810,222 additional shares issued referenced in a later Form 8-K/A, forming the denominator for ownership calculations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/22/2026 - 11:37 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

PAR TECHNOLOGY CORP

(Name of Issuer)

Common Stock, $0.02 par value

(Title of Class of Securities)

698884103

(CUSIP Number)

VOSS CAPITAL, L.P.
3773 Richmond Avenue, Suite 500
Houston, TX, 77046
281-770-0379

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/20/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

Voss Value Master Fund, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 845,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 845,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

845,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

Voss Value-Oriented Special Situations Fund, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 145,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 145,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

145,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

Voss Advisors GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 990,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 990,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

990,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

Voss Capital, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,201,500.00
8	Shared Voting Power 975,000.00
9	Sole Dispositive Power 4,201,500.00
10	Shared Dispositive Power 975,000.00

11

Aggregate amount beneficially owned by each reporting person

5,176,500.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

12.0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

Cocke Travis W.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,201,500.00
8	Shared Voting Power 975,000.00
9	Sole Dispositive Power 4,201,500.00
10	Shared Dispositive Power 975,000.00

11

Aggregate amount beneficially owned by each reporting person

5,176,500.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

12.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.02 par value
(b)	Name of Issuer: PAR TECHNOLOGY CORP
(c)	Address of Issuer's Principal Executive Offices: PAR TECHNOLOGY PARK, PAR TECHNOLOGY PARK, NEW HARTFORD, NEW YORK , 13413.
Item 1 Comment: The following constitutes Amendment No. 2 to the Schedule 13D filed by the undersigned ("Amendment No. 2"). This Amendment No. 2 amends the Schedule 13D as specifically set forth herein.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated to read as follows: The Shares purchased by each of Voss Value Master Fund, Voss Value-Oriented Special Situations Fund and the Voss Managed Accounts were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market transactions. The aggregate purchase price of the 845,000 Shares beneficially owned directly by Voss Value Master Fund is approximately $34,451,477, including brokerage commissions. The aggregate purchase price of the 145,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund is approximately $5,839,736, including brokerage commissions. The aggregate purchase price of the 4,140,100 Shares held in the Voss Managed Accounts is approximately $173,809,334, including brokerage commissions. The aggregate purchase price of the call options exercisable into 46,400 Shares which are held in the Voss Managed Accounts is approximately $162,400, including brokerage commissions.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of the Shares reported owned by each person named herein is based upon a denominator that is the sum of: (i) 41,152,632 Shares outstanding as of February 24, 2026, which is the total number of Shares outstanding as disclosed in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 26, 2026, (ii) 1,810,222 Shares issued (as defined in the Issuer's Current Report on Form 8-K/A filed with the SEC on March 24, 2026 A. Voss Value Master Fund As of the date hereof, Voss Value Master Fund beneficially owned 845,000 Shares. Percentage: Approximately 1.97% B. Voss Value-Oriented Special Situations Fund As of the date hereof, Voss Value-Oriented Special Situations Fund beneficially owned 145,000 Shares. Percentage: Approximately 0.34% C. Voss GP Voss GP, as the general partner of each of Voss Value Master Fund and Voss Value-Oriented Special Situations Fund, may be deemed the beneficial owner of the (i) 845,000 Shares owned by Voss Value Master Fund and (ii) 145,000 Shares owned by Voss Value-Oriented Special Situations Fund. Percentage: Approximately 2.30% D. Voss Capital As of the date hereof, 4,186,500 Shares were held in the Voss Managed Accounts. Voss Capital, as the investment manager of each of Voss Value Master Fund and Voss Value-Oriented Special Situations Fund, may be deemed the beneficial owner of the (i) 845,000 Shares beneficially owned by Voss Value Master Fund and (ii) 145,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund. Percentage: Approximately 12.05% E. Mr. Cocke Mr. Cocke, as the managing member of each of Voss Capital and Voss GP, may be deemed the beneficial owner of the (i) 845,000 Shares owned by Voss Value Master Fund, (ii) 145,000 Shares owned by Voss Value-Oriented Special Situations Fund and (iii) 4,186,500 Shares held in the Voss Managed Accounts. Percentage: Approximately 12.05%
(b)	Item 5(b) is hereby amended and restated to read as follows: A. Voss Value Master Fund 1. Sole power to vote or direct vote: 845,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 845,000 4. Shared power to dispose or direct the disposition: 0 B. Voss Value-Oriented Special Situations Fund 1. Sole power to vote or direct vote: 145,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 145,000 4. Shared power to dispose or direct the disposition: 0 C. Voss GP 1. Sole power to vote or direct vote: 990,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 990,000 4. Shared power to dispose or direct the disposition: 0 D. Voss Capital 1. Sole power to vote or direct vote: 4,201,500 2. Shared power to vote or direct vote: 975,000 3. Sole power to dispose or direct the disposition: 4,201,500 4. Shared power to dispose or direct the disposition: 975,000 E. Mr. Cocke 1. Sole power to vote or direct vote: 4,201,500 2. Shared power to vote or direct vote: 975,000 3. Sole power to dispose or direct the disposition: 4,201,500 4. Shared power to dispose or direct the disposition: 975,000
(c)	Item 5(c) is hereby amended to add the following: There have been no transactions in securities of the Issuer by the Reporting Persons since the filing of the Schedule 13D. The decrease in beneficial ownership reported herein is solely the result of (i) the expiration of options previously held by the Reporting Persons, and (ii) an increase in the number of shares of the Issuer outstanding.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Voss Value Master Fund, LP

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member of Voss Advisors GP, LLC, its General Partner
Date:	04/22/2026

Voss Value-Oriented Special Situations Fund, LP

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member of Voss Advisors GP, LLC, its General Partner
Date:	04/22/2026

Voss Advisors GP, LLC

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member
Date:	04/22/2026

Voss Capital, LP

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member
Date:	04/22/2026

Cocke Travis W.

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke
Date:	04/22/2026